The COVID-19 pandemic has shocked the global economy. Economic activity ground to a halt, and global supply chains have been battered.  When the pandemic is controlled economic activity will likely slowly normalise, although even in the longer term the structure of the economy will have changed. AKE finds that the largest change will be the expanded role of states in the developed world as a provider and financer of economic activity. There will also be changes in the private sector. An important shift will be reduced private sector demand for central commercial real estate, as employees are moved from central areas and dispersed (either to new offices, or to work remotely)